RIYADH: Eastern Province Cement Co. has posted a 43 percent profit drop for the first nine months of 2022, dragged down by lower sales.
The Saudi-listed cement producer’s profit went down to SR91 million ($24 million) from SR159 million in the same period a year earlier, a bourse filing revealed.
The profit drop was mainly driven by a fall in cement sales, an increase in selling and other expenses, and a decrease in the share of profit of associates.
Total sales fell by 11 percent on the year to SR531 million, compared to SR598 million in the same period last year.
